Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey has signed a memorandum of understanding (MoU) with the Beijing Airport Economic Core Zone (BAECZ), a key Chinese business centre. According to Guernsey Finance, the MoU sees the parties agree to cooperate in the areas of captive insurance market development, financial innovation and international information exchange, to promote the viability of the Chinese captive market and wider communication between…

Guernsey steps up Chinese captive campaign as MoU signed with CIRC

Guernsey steps up Chinese captive campaign as MoU signed with CIRC

Guernsey steps up Chinese captive campaign as MoU signed with CIRC

The Guernsey Financial Services Commission (GFSC) has signed a Memorandum of Understanding (MoU) with the China Insurance Regulatory Commission (CIRC) of the People’s Republic of China. Guernsey hopes that this latest agreement, coupled with its decision to recently set up a promotional agency in Hong Kong and the launch of a Mandarin website, will help attract Chinese insurers, captives and…

Aon explains thinking behind new cyber captive solution

Aon explains thinking behind new cyber captive solution

Aon explains thinking behind new cyber captive solution

Commercial Risk Europe spoke to Aon about its new cyber risk captive solution that offers capacity of up to $400m and seeks to address many of the shortcomings faced by clients from traditional coverage. Securing appropriate cyber risk transfer is one of the biggest challenges faced by corporate insurance buyers across the world. Assessing the complex and evolving exposures, and…

Ferma and Ifrima step up campaign to defend captives to OECD

Ferma and Ifrima step up campaign to defend captives to OECD

Ferma and Ifrima step up campaign to defend captives to OECD

The European and international risk management community has invited Pascal Saint-Amans, director of the centre for tax policy and administration at the OECD, to a meeting at the RIMS conference in April to further explain why captive insurance companies are not corporate tax-dodging vehicles and should therefore not get dragged into the Base Erosion and Profit Shifting (BEPS) initiative. BEPS refers…

Aon launches captive model for cyber risks

Aon launches captive model for cyber risks

Aon launches captive model for cyber risks

Aon has launched a new captive solution for firms looking to transfer cyber risks with capacity of up to $400m. Aon said its Cyber Captive Program seeks to address many of the shortcomings faced by clients from traditional cyber coverage. The captive option is the latest addition to Aon’s suite of cyber tools. Companies looking to access the solution would…

EIOPA and Bermuda regulator sign memorandum of understanding

EIOPA and Bermuda regulator sign memorandum of understanding

EIOPA and Bermuda regulator sign memorandum of understanding

The European Insurance and Occupational Pensions Authority (EIOPA) and the Bermuda Monetary Authority (BMA) have signed a memorandum of understanding (MoU). According to the two authorities, “EIOPA will support BMA’s participation in the activities of European supervisory colleges formed by the competent authorities of the European Union when a Bermudian insurance undertaking is concerned. Similarly, BMA is committed to supporting…

Luxembourg looking at cell legislation possibilities

Luxembourg looking at cell legislation possibilities

Luxembourg looking at cell legislation possibilities

Luxembourg is believed to be looking at the potential for cell captive legislation, according to the recent Captive Survey 2016 from International Programme News (‘A New Dawn for Captives’). Currently there is no cell captive legislation in the domicile, but given the interest in the concept and the success of cell captives elsewhere, Luxembourg may not be able to ignore…

Captive use to increase with emerging risks a target

Captive use to increase with emerging risks a target

Captive use to increase with emerging risks a target

Europe’s risk managers plan to make more use of their captives despite the continued soft market conditions and are open to the idea of using them to ‘incubate’ emerging risks such as cyber potentially going direct to the capital markets for solutions, according to a survey of Commercial Risk Europe and International Programme News readers.

Ferma meets with OECD over captives and BEPS

Ferma meets with OECD over captives and BEPS

Ferma meets with OECD over captives and BEPS

Ferma has had a meeting with three senior executives from the OECD held in Paris as it continues to argue that captives are a risk management tool with a genuine economic rational. Ferma explained that it wants to dispel misperceptions about captives as countries start planning to implement the OECD base erosion and profit shifting (BEPS) anti-tax avoidance measures. “This…

Malta captives focusing on bespoke policies and emerging risks

Malta captives focusing on bespoke policies and emerging risks

Malta captives focusing on bespoke policies and emerging risks

Owners of captives and cells in Malta are increasingly focused upon bespoke policies and emerging risks such as cyber, according to Karl DeGiovanni, deputy general manager at Aon Risk Solutions in Malta. He said that Aon Malta manages a wide range of insurance entities – pure captives, protected cell companies (PCC) and protected cells (PC) – through White Rock, an…

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